The Dubai Gold & Commodities Exchange (DGCX), along with its fully owned subsidiary the Dubai Commodities Clearing Corporation (DCCC), the leading derivatives exchange and clearing house in the Middle East, have upgraded their integrated trading and clearing solution from Cinnober to the latest version of the TRADExpress platform.

The purpose was to enhance and speed up business development capabilities even further, and to benefit from a more refined trade and market data protocol, leading to improved bandwidth usage, said a statement from DGCX.

As the new version went live, DGCX launched the region’s first, and world’s only exchange-traded Shari’ah Compliant Spot Gold contract (DGSG).

Having received recognition from Esma and ADGM in 2017, the DGCX is now ready to connect third party marketplaces to its Clearing House, the DCCC, opening up for further expansion.

“With this upgrade we’re benefiting from cutting-edge exchange and clearing technology and preparing for further growth,” remarked Les Male, the chief executive of DGCX.

“The launch was smooth, operations have been enhanced, and we’ve seen great results for member accessiblity and connectivity, as well as highly encouraging feedback,” he noted.

With this upgrade, the bandwidth usage has been reduced by an average of 45 per cent thus giving DGCX members easier, more reliable, and cheaper access to the market, stated Male.

Cinnober CEO Veronica Augustsson said: "DGCX has always been very agile and responsive to its market, continuously launching new innovative products to serve client needs."

"They’re an excellent example that demonstrates the benefits of an integrated solution, both in terms of the ease of adding new asset classes and instruments, as well as efficient risk management with the ability to act immediately on real-time information," she noted.
 
The upgraded solution successfully went live on March 23, and operations have proven stable, continuing its track record of complete viability and availability.

DGCX and Cinnober’s partnership dates back to 2012, and in 2013 they went live with a complete trading and clearing infrastructure from Cinnober, based on its proven TradeExpress software.-TradeArabia News Service